Lawmakers ‘Taking a Fresh Look’ at Savings Vehicles in Tax Reform

Tax reform is coming “very shortly,” House Ways and Means Committee Chairman Kevin Brady said Monday, and lawmakers are “taking a fresh look” at savings vehicles, citing education as one example where the array of plans could be simplified.

While the timeline for tax reform is “accelerating,” it “all pivots off the budget. The Senate taking action last week [on passing its budget] was a huge step forward on this,” Brady said at the Securities Industry and Financial Markets Association’s Capital Markets Conference in Washington.

The Senate budget will be taken up by the House this week; “Thursday is my understanding,” Brady said.

“We’re in a good position to pass that … If we achieve that we’ve really accelerated the timetable to three or four weeks, which increases the likelihood that we get this to the president’s desk by the end of the year.”

Brady added that if Congress can finish a budget this week, the House could get a tax bill together by Thanksgiving. “If we finish the budget this week, we’ll be on schedule,” he said.

As to President Donald Trump’s Monday tweet that there will be “no change” to 401(k) contributions in the tax plan, “We’re working very closely with the president and the tax reform package,” Brady said.